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AUSTIN, Texas, Feb. 8, 2018 – JLL's Capital Markets experts today announced the sale of Ben White Self Storage, a sustainably designed, Class A self-storage facility in Austin, Texas.
JLL Managing Directors Steve Mellon and Brian Somoza represented the seller, Farragut Investments Inc., in the transaction.
"This property is at the forefront of self-storage design and construction," said Somoza. "The savings gained from the sustainable features of this property coupled with the high growth projections for the surrounding area should result in an excellent investment opportunity for the new owner."
Completed in 2017, Ben White Self Storage is composed of two three-story buildings encompassing 951 units. As one of the first sustainably designed self-storage facilities in the U.S., the property has a Four Star rating from the Austin Energy Green Building program and is pursuing LEED Certification. Sustainability features include: solar panels that provide for the facility's annual energy demand; rainwater harvesting for irrigation needs; a geothermal heating and air-conditioning system; energy conserving mechanical, lighting and conveyance systems; and low-flow plumbing fixtures.
Located at 6130 E. Ben White Blvd., the property is set in the rapidly growing southeast Austin submarket. More than 35,000 new residential units are planned or proposed within a five mile radius of the property. Its location also provides excellent visibility, with approximately 93,000 cars passing by each day.
General features of the property include perimeter fencing, electronic gate and building access control, 24-hour surveillance, oversized elevators, climate controlled units, drive-up units and a retail-oriented customer service office.
The facility will continue to be managed under the Cubesmart brand.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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